Key financial results
An increase in the production and sales volume of petroleum products, including via premium sales channels, led to growth in sales.
↑11.09% growth in revenue
↑1.74% growth in adjusted EBITDA
Revenue, bn RUB
Revenue growth of 11.09% was achieved through growth in production and an increase in sales, primarily through premium channels.
EBITDA includes the share of EBITDA of associated and jointly controlled.EBITDA, bn RUB
The lag in the export duty limited the growth in EBITDA to 1.74%.
|Minus: Includes the excise tax calculated based on the volume of petroleum products sold by the Serbian subsidiary.export duties and excise taxes||−236,434||−282,319||19.4|
|Total sales revenue||1,267,603||1,408,238||11.1|
|Expenses and other costs|
|Acquisition cost of oil, gas and petroleum products||−319,051||−382,505||19.9|
|Production and operating expenses||−144,552||−171,711||18.8|
|Selling, general business and administrative expenses||−72,005||−86,318||19.9|
|Depreciation, depletion and amortisation||−76,785||−85,951||11.9|
|Taxes, except profit tax||−316,070||−343,576||8.7|
|Expenses on geological exploration work||−2,876||−936||−67.5|
|Total operating expenses||−1,039,176||−1,187,122||14.2|
|Share of (loss) / profit of associated and joint venture companies||11,251||−6,306||−|
|Net foreign exchange loss||−2,166||−52,265||2,313.0|
|EBITDA is an additional financial indicator that is not defined by IFRS.Adjusted EBITDA||336,752||342,614||1.7|
|Converted into USD at average exchange rate for period.USD>/BOE||23.1||18.3||−21.0|
|Adjusted EBITDA margin||26.57%||24.33%||−2.2 p.p.|
|TOTAL OTHER (EXPENSES) / INCOME||3,863||−66,775||−|
|(LOSS) / PROFIT BEFORE TAX||225,980||145,870||−35.5|
|Income / (expense) on current profit tax||−34,823||−17,518||−49.7|
|Income / (expense) on deferred profit tax||−4,437||−1,696||−61.8|
|TOTAL INCOME / (EXPENSE) ON PROFIT TAX||−39,260||−19,214||−51.1|
|(LOSS) / PROFIT FOR PERIOD||186,720||126,656||−32.2|
|Minus: profit attributable to non-controlling interest||−8,803||−4,563||−48.2|
|(LOSS) / PROFIT ATTRIBUTABLE TO OJSC GAZPROM NEFT SHAREHOLDERS||177,917||122,093||−31.4|
|Net profit margin||14.73%||8.99%||−5.7 p.p.|
An increase in the production and sales volume of petroleum products, including via premium sales channels, as well as growth in oil and petroleum product prices on the domestic market led to a 12.4% increase in sales in the reporting year.
The 1.7% increase in adjusted EBITDA was held back by the negative influence of the temporary lag in export duties (delayed effect of duties). The negative effect of exchange rate differences as a result of the revaluation of loans and borrowings led to a 31.4% decrease in profit attributable to shareholders of OJSC Gazprom Neft in the reporting year.
Net debt expanded by 133.2% from 185.9 bn to 433.6 bn RUB.